General questions
Escrow is a financial arrangement where a third party, known as the escrow agent, holds and manages funds and documents on behalf of the buyer and seller until certain conditions of the sale are met. This neutral third party helps to ensure that all the terms of the agreement are fulfilled before the transaction is finalized.
The duration of the escrow process can vary depending on factors such as the complexity of the transaction, the responsiveness of involved parties, and the type of property. On average, it takes 30 to 45 days for a residential real estate transaction.
Escrow fees typically cover services such as document preparation, title search, notary services, and other administrative costs. The specific fees can vary, so it’s essential to review the terms with your escrow officer.
In most cases, the seller’s real estate agent or the buyer’s mortgage lender suggests an escrow company. However, buyers and sellers have the right to choose their own escrow company. It’s essential to communicate your preference early in the process.
The necessary documents can vary based on the type of transaction. Generally, you’ll need a fully executed purchase agreement, contact information for all parties involved, and any additional documents relevant to the specific transaction.
What you receive after all expenses and fees vary on many factors. However, we are here to assist you in understanding the potential proceeds from your home sale.